Answered: rest per year, and SOY Rural Bank pays…

rest per year, and SOY Rural Bank pays 10% per year. If the total interest earned on the investment is 5,560.00 after one year. How much money was invested in each account?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 22P

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Question

Ryan invested 56,000.00 in KOY Rural Bank and SOY Rural Bank. KOY Rural Bank pays 8% interest per year, and SOY Rural Bank pays 10% per year. If the total interest earned on the investment is 5,560.00 after one year. How much money was invested in each account?

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